The story of the $7.9 million Lincoln Wheat Penny is like a real-life treasure hunt. In the world of numismatics (coin collecting), few discoveries generate as much excitement as finding an extremely rare coin that most people would overlook. The 1943 copper Lincoln penny is one of the most valuable mistakes ever made by the U.S. Mint, turning an ordinary one-cent coin into a multi-million-dollar treasure.
In this article, we’ll explore the history of the Lincoln Wheat Penny, how the 1943 copper penny came to exist, and how you can identify valuable coins that might still be out there.
The Birth of the Lincoln Wheat Penny
The Lincoln Wheat Penny was first introduced in 1909 to commemorate Abraham Lincoln’s 100th birthday. It was the first U.S. coin to feature an actual person, replacing the Indian Head Penny.
Key Features of the Lincoln Wheat Penny (1909–1958):
- Obverse (Front): Portrait of Abraham Lincoln, designed by Victor D. Brenner
- Reverse (Back): Two wheat stalks framing “ONE CENT” and “UNITED STATES OF AMERICA”
- Composition: 95% copper (except for the steel pennies of 1943)
For nearly 50 years, these pennies were part of daily American life, until they were replaced by the Lincoln Memorial penny in 1959. While billions were minted, certain rare variations are now worth millions of dollars.
The $7.9 Million Penny – A Wartime Minting Mistake
During World War II, copper was a strategic material needed for military equipment, including ammunition. To conserve copper, the U.S. Mint switched to producing pennies from steel in 1943, coating them with zinc to prevent rusting.
However, due to a minting error, a few leftover copper blanks from 1942 were accidentally used to strike 1943 pennies. These rare 1943 copper pennies—estimated to be fewer than 30 in existence—are now some of the most valuable coins in the world.
Why Is the 1943 Copper Penny Worth So Much?
Extremely Rare – Only a handful exist across all three U.S. Mints (Philadelphia, Denver, San Francisco).
Historical Significance – A direct result of wartime rationing.
Collector Demand – The rarity and backstory make it one of the most sought-after U.S. coins.
Record-Breaking Sales of the 1943 Copper Penny
The value of these pennies has skyrocketed over the years. Here are some of the highest sales recorded:
- 2010: A 1943-D (Denver Mint) copper penny sold for $1.7 million.
- 2018: Another specimen was sold for $3.8 million in a private sale.
- Recent Record: The finest known 1943 copper penny was valued at $7.9 million, setting a new benchmark.
The rise in value shows how some coins transcend their original role as currency and become legendary artifacts of history.
Could You Still Find a 1943 Copper Penny Today?
The possibility of finding one of these valuable pennies still exists—but the odds are incredibly slim.
When these pennies were minted, they entered circulation among millions of common steel pennies. At the time, people didn’t realize how rare they were. Over the years, some have been discovered in pocket change, coin jars, and old collections.
One of the most recent discoveries was made in 2019, when a Massachusetts family found a 1943 copper penny in an inherited coin collection.
How to Identify a Genuine 1943 Copper Penny
If you think you might have a 1943 penny, follow these steps to check its authenticity:
Check the Color: A real 1943 copper penny has a brownish-red patina, while common 1943 steel pennies are silvery-gray.
Use a Magnet: Steel pennies are magnetic, but copper pennies are not. If your 1943 penny sticks to a magnet, it’s not the rare one.
Weight the Coin:
- Copper Penny: 3.11 grams
- Steel Penny: 2.7 grams
If your 1943 penny is copper and non-magnetic, it could be worth millions! Get it authenticated by PCGS or NGC to confirm its value.
Other Valuable Lincoln Wheat Pennies
While the 1943 copper penny is the most valuable, several other Wheat Pennies are worth thousands—or even hundreds of thousands—of dollars.
1. 1909-S VDB Lincoln Penny – Worth Over $100,000
- Features designer Victor D. Brenner’s initials (“VDB”) on the reverse.
- Quickly removed due to public complaints, making it extremely rare.
- Only 484,000 were minted in San Francisco.
Look for: The “S” mint mark and “VDB” on the reverse.
2. 1914-D Lincoln Penny – Valued Over $5,000
- Only 1.2 million were minted in Denver.
- Most were heavily circulated, making high-grade examples extremely rare.
Look for: A small “D” mint mark beneath the date.
3. 1922 “No D” Lincoln Penny – Worth Over $10,000
- Produced in Denver, but some coins lack the “D” mint mark due to worn dies.
- This rare error coin commands high prices among collectors.
Look for: A missing mint mark on a 1922 penny.
4. 1955 Doubled Die Lincoln Penny – Worth Up to $125,000
- A minting error caused a dramatic doubling of the date and lettering.
- One of the most famous and sought-after U.S. error coins.
Look for: A clear doubling effect on “LIBERTY” and “IN GOD WE TRUST.”
Beware of Counterfeits
Because rare pennies are worth millions, many fake versions exist. Here’s how to avoid counterfeits:
Watch Out for Altered Coins – Some 1948 pennies have been modified to look like 1943.
Use the Magnet Test – A genuine 1943 copper penny won’t stick to a magnet.
Get Professional Authentication – Use PCGS or NGC to verify authenticity.
What to Do If You Find a Rare Wheat Penny
If you believe you’ve found a valuable Lincoln Wheat Penny, follow these steps:
Handle with care – Hold the coin by its edges to avoid damaging it.
Verify authenticity – Perform the magnet and weight tests for key dates.
Have it graded – Professional grading can increase the coin’s value.
Sell through reputable sources – Consider auction houses or certified coin dealers.
FAQs
A genuine copper 1943 penny is non-magnetic and weighs 3.11 grams.
Yes! Some rare pennies have turned up in old collections and pocket change.
Get it graded by PCGS or NGC, then sell through trusted auction houses or dealers.
Verify its authenticity, store it safely, and consult a professional coin expert.